United Bank for Africa has signed a $100 million partnership with the Lagos State government and LagRide to finance vehicles for about 3,500 ride-hailing drivers in Lagos. The agreement, formalised through a memorandum of understanding on Tuesday, aims to help drivers transition from renting to owning cars under the LagRide platform.
LagRide is a Lagos State government-owned e-hailing service that provides safe, affordable, and efficient transportation while creating structured employment opportunities for drivers across the city. The initiative is part of efforts to promote sustainable livelihoods and enhance transport services.
UBA Group Managing Director, Oliver Alawuba, described the scheme as a pilot programme with long-term plans for expansion beyond Lagos. He said the partnership is expected to drive inclusivity and support economic growth, while improving service delivery for riders.
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LagRide Chairman, Diane Chen, added that vehicle maintenance will be managed by CIG Motors and GAC Motor, ensuring safety and functionality across the fleet. She also encouraged further partnerships with stakeholders to expand the programme, aiming to make the project more inclusive and beneficial for drivers and consumers alike.
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